ORDINANCE NO. 250392
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Sponsor: Director of Housing and Community Development
Accepting the recommendation of the Central City Economic Development (CCED) Tax Board for additional funding to Community Builders of Kansas City in the amount of $100,000.00 for the Residences at Overlook project; reducing an existing appropriation by $100,000.00; appropriating $100,000.00 from the Unappropriated Fund Balance; and authorizing the Manager of Procurement Services to execute the necessary documents to amend the funding agreements and expend up to $100,000.00 from the funds appropriated in the Central City Economic Development Tax Fund.
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WHEREAS, Section 67.1305 of the Revised Statuses of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, and then approved by, a majority of the votes cast; and
WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1304, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Gregory Boulevard on the south, Paseo Boulevard on the west and Indiana Avenue on the east; and
WHEREAS, the developers requested a public contribution and the Central City Economic Development Sales Tax Board recommended that funding be approved; and
WHEREAS, Ordinance No. 240620 awarded $1,000,000 of CCED funds to Community Builders of Kansas City for the Residences at Overlook project; and
WHEREAS, the developers subsequently identified a need for additional funding due to increases in construction labor and construction material; and
WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains ...
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